Reuters: Hot Stocks: STOCKS NEWS THAILAND-Big C Supercenter falls to 7-week lows

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STOCKS NEWS THAILAND-Big C Supercenter falls to 7-week lows Jul 23rd 2012, 03:58 Sun Jul 22, 2012 11:58pm EDT Shares in Big C Supercenter Pcl fell to their lowest in almost seven weeks after the supermarkets group reported a net profit for April-June quarter, which analysts said fell short of their forecasts. Big C shares were down 3.3 percent at 208 baht ($6.56), having hit 207 baht earlier, the lowest since June 6. The broader stock market was down 1.38 percent. Big C posted a quarterly net profit of 1.4 billion baht, up 27 percent year-on-year but down 22 percent quarter-on-quarter. For the company statement, click "BIGC announced a disappointing second quarter net profit," said broker Kasikorn Securities. "BigC reported second quarter gross margin of 21.5 percent, down 105 basis points year on year, despite continued sales growth. We believe aggressive competition in the hypermarket space put overall gross margin under pressure." It rated the stock 'underperform', with target price of 130 baht, adding that "We believe the current high PER multiple is not justified by the expensive PE multiple of 26 times, and maintain our underperform rating on the stock." 1050 (0350 GMT) (Reporting by Viparat Jantraprap in Bangkok; viparat.jantraprapaweth@thomsonreuters.com) ($1 = 31.685 baht) Link this Share this Digg this Email Reprints

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